Beijing, Seoul Agree on Semiconductor Industry Chains Amid China-US Chip Race, 27 May

Wang told reporters that the issue topped the agenda of his talks with his South Korean counterpart Ahn Duk-geun on the sidelines of the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, which wrapped up on Friday. The Chinese commerce minister added that during the negotiations, the sides exchanged views on maintaining the stability of the semiconductor industry supply chains, as well as boosting cooperation in bilateral, regional and multilateral fields. According to him, China is ready to deepen trade ties and investment cooperation with South Korea.
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Rebecca Sta Maria, Executive Director of the APEC Secretariat, told reporters that "as the Asia-Pacific region emerges from the COVID-19 pandemic, our agenda will provide an opportunity for members to engage and zero in on how we can ensure international cross-border trade flows smoothly, and how trade can help us address the region's most pressing challenges from climate change to economic inequality."
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On the sidelines of a meeting of Asia Pacific Economic Cooperation (APEC) trade ministers in Detroit earlier this week, Trade Minister Ahn Duk-geun also discussed issues related to the U.S.-led Indo-Pacific Economic Framework (IPEF). Ahn also held talks with China's Commerce Minister Wang Wentao over bilateral economic cooperation.

IPEF (2022 NGO): US, AU, JP, IN, NZ, KR, FJ, ID, BN, MY, PH, SG, TH, VN, CA*

During the meeting, Ahn asked for support for stable supply of key raw materials and parts, according to the ministry.

China's Minister of Commerce (MOFCOM) Wang Wentao met with US Trade Representative Katherine Tai on Friday, as both sides held "candid, pragmatic and in-depth" discussions on China-US economic and trade relations along with regional and multilateral issues of mutual interest, the ministry said on Saturday.

The Chinese side expressed concerns on key issues, including the US economic and trade policies toward China, Taiwan-related topics in the economic and trade field, the Indo-Pacific economic framework and Section 301 tariffs, MOFCOM said in a statement [not found EN/mfocom - mcs], stressing that both sides agreed to maintain communication.

Experts noted that the in-person meeting, followed by Wang's talk with US Commerce Secretary Gina Raimondo in Washington while attending the 2023 APEC Ministers Responsible for Trade Meeting in Detroit, signaling positive signs under the important consensus reached by the two heads of state in Bali, Indonesia last year, while urging the US to fulfill its commitments with consistent actions.

The Office of the US Trade Representative (USTR) also released a readout on Friday

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Ambassador Tai highlighted the need to address the critical imbalances caused by China's state-led, non-market [?] approach to the economy and trade policy. She also raised concerns about PRC actions taken against U.S. companies operating there. Ambassador Tai emphasized the importance of maintaining open lines of communication between the United States and China and building on the engagement between President Biden and President Xi in < wipes tears > Bali, Indonesia, in November 2022.

stressing that Tai discussed the importance of the US-China trade relationship in the global economy and the need for both sides to continue engaging with one another.
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All APEC ministers responsible for trade agreed to paragraphs 1 - 3 and 5 - 13.*

1. We, the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT), met in Detroit, Michigan, the United States of America from 25-26 May 2023, chaired by Ambassador Katherine Tai. We welcomed participation in the meeting of the Director-General of the World Trade Organization (WTO), the APEC Business Advisory Council (ABAC), the Pacific Economic Cooperation Council (PECC), and the Association of Southeast Asian Nations (ASEAN). We express our collective appreciation to the City of Detroit for the warm welcome extended for this meeting....

4. As our Leaders highlighted last November, we have witnessed the war in Ukraine further adversely impact the global economy. There was a discussion on the issue. We reiterated our positions as expressed in other fora, including the UN Security Council and the UN General Assembly, which, in Resolution No. ES-11/1 dated 2 March 2022, as adopted by majority vote (141 votes for, 5 against, 35 abstentions, 12 absent) deplores in the strongest terms the aggression by the Russian Federation against Ukraine and demands its complete and unconditional withdrawal from the territory of Ukraine. Most members strongly condemned the war in Ukraine and stressed it is causing immense human suffering and exacerbating existing fragilities in the global economy—constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity, and elevating financial stability risks. There were other views and different assessments of the situation and sanctions. Recognizing that APEC is not the forum to resolve security issues, we acknowledge that security issues can have significant consequences for the global economy.[1]
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^1. Paragraph 4 of this document, taken from the APEC Bangkok Leaders' Declaration from November 19, 2022, was agreed to by all member economies except the People's Republic of China and the Russian Federation.